Slides
Page 1
Arctic Bioscience Presentation of financial results; First half year 2026 August 27th 2026 Christer L. Valderhaug (CEO) Runhild Gammelsæter (Medical Director) Jone R. Slinning (CFO)
Page 2
Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as “aims”, “anticipates”, “believes”, “can have”, “continues”, “could”, “estimates”, “expects”, “intends”, “likely”, “may”, “plans”, “forecasts”, “projects”, “should”, “target” “will”, “would” and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. An investment in the Company's shares should be considered as a high-risk investment. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement that may be expressed or implied by statements and information in this Presentation. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this Presentation, including among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Company's businesses, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors. The information obtained from third parties has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. By receiving this Presentation, the Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and is solely responsible for forming its own opinion of the potential future performance of the Company’s business. In making an investment decision, the Recipient must rely on its own examination of the Company, including the merits and risk involved. This Presentation is not an advertisement for the purposes of applicable measures implementing the EU Prospectus Regulation. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. Disclaimer Note: For sources, references and additional context recipients of this presentation are referred to the Company Presentations f ound on Arctic Bioscience website , https://arctic-bioscience.com/investors/reports -presentations/
Page 3
Developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds, utilizing proprietary technology and methodology
Page 4
Intro and H1-2026 operational highlights Operational review Nutra Operational review Pharma H1-2026 consolidated Group financial review Business outlook Q&A Agenda
Page 5
5 Intro and H1-2026 operational highlights
Page 6
Nutra revenue +35.2% NOK 23.3m in H1 2026 versus NOK 17.2m in H1 2025; growth continued through Q2 Order pipeline remains robust Recurring customers support 2026 growth; delayed H1 shipments were completed early Q3 Systemic inflammation data published in the peer-reviewed journal Frontiers of Medicine China growth signal Kotler partnership remains strong; H2 purchase orders indicate growth versus total 2025 US market +87% NOK 9.7m revenue and 41.8% of total Nutra sales — the Group’s largest market NOK 15m loan secured Long-term financing completed in H1; liquidity continues to be monitored closely H1-2026 highlights HRO350 inflammation data sharpen the path forward Phase III design, EMA scientific advice and partnership discussions are the next steps
Page 7
7 Operational review Nutra
Page 8
B2C: product differentiation drives growth PRODUCT PROPERTIES 3:1 DHA : EPA ROMEGA® is a premium phospholipid-DHA omega-3 supplement Phospholipid-bound DHA and EPA support uptake High DHA supports brain, eye and prenatal health; EPA supports heart health SPMs support resolution of inflammation and tissue homeostasis COMMERCIAL STATUS Stable Norway sales both online and offline The B2C portfolio drive commercial growth in new markets both in Europe as well as the APAC region, in addition to supporting science and sales in the B2B segment 2027 will likely see new innovative ROMEGA® products being developed and launched in multiple geographies EXECUTION FOCUS • Sustain the positive US trajectory • Support APAC market expansion • Build sell-through around differentiated product science
Page 9
B2B: pipeline and recurring customers support growth CURRENT STATUS Demand & customers Robust order pipeline and recurring revenue from long-standing customer relationships support the 2026 outlook The American market had a very positive development in the first half year, with a revenue of NOK 9.7 million compared to NOK 5.2 million in first half of 2025. This represents a year-over-year growth of 87 % This market represents the largest market share with 41.8 % of the total revenues Delivery execution Supplier delays shifted planned shipments into July; postponed deliveries were completed early Q3 and underlying demand remains intact H2 OPERATIONAL PRIORITIES • Convert pipeline and protect recurring revenue • Maintain fulfilment after the Q3 catch-up • Reflect sub-production cost increases in customer pricing
Page 10
China: strong partnership and a clear H2 growth signal Strategic partner The partnership with Kotler / Tromso Nutrition Technology remains strong Market presence A ROMEGA® concept store has been established in Hainan’s free-trade zone Demand signal Purchase orders indicate H2 2026 China revenue growth compared with total 2025 PRODUCT PLATFORM ROMEGA® product variants provide a verified visual anchor for partner activation H2 EXECUTION 1 Convert orders into sell-through 2 Protect supply and delivery timing 3 Use China momentum to support APAC expansion Supplier-delayed H1 shipments were completed early Q3 CURRENT STATUS
Page 11
11 Operational review Pharma
Page 12
Pharmaceutical pipeline: Outlook HRO350 Mild to moderate Psoriasis ABS403 Glaucoma Next steps • Partner search (funding phase 3) • Publish results/articles • Design phase 3 / scientific advice Next steps • Produce material and conduct preclinical studies • Seeking soft funding for preclinical and toxicology Next steps • Dialogue on a larger follow up study on glaucoma to confirm potential seen from first pilot trial ABS302 Brain development in extremely premature infants
Page 13
Psoriasis: An immune-mediated inflammatory disease of the skin Inflammation described by Aulus Cornelius Celsus (25 BC – 50 AD) by the four cardinal signs: • Redness, swelling, heat and pain Psoriasis described by Hippocrates (460-377 BC): • Psora (itch) and lopoi (scaling) Picture: Psoriasis_nummalata_George H Fox (1886) Photographic ill_of skin diseases 2nd ed (Wikimedia commons, public domain)
Page 14
Consistent reduction in systemic inflammation in two clinical trials Two clinical trials in patients with mild-to-moderate psoriasis Haukeland data: Ringheim-Bakka TA, Gammelsaeter R and Tveit KS (2026) Resolution of systemic inflammation in psoriasis following herring roe oil treatment: a post hoc analysis on inflammatory biomarkers in non- severe psoriatic patients. Front. Med. 13:1861341. doi: 10.3389/fmed.2026.1861341 HeROPA preliminary analyses on non-imputed ITT population, Data-on-file. Efficacy and Safety Study of HRO350 in Patients with Mild-to-moderate Psoriasis (the 'HeROPA' Study) ClinicalTrials.gov ID NCT06125808. Haukeland study post-hoc analysis. Data-on-file. ClinicalTrials.gov ID NCT03359577. *) p < 0.05. Picture from the Haukeland study - courtesy of dr. Tveit • Statistically significant reduction of systemic inflammation for HRO350 versus placebo • Statistically significant responder rates for multiple clinical endpoints compared to placebo in low SII group • Platform potential in other immune-mediated diseases where systemic inflammation is a driver HeROPA study (52-week placebo control, N=521) Haukeland study (26-week placebo control, N=60) * * * SII25: ≥25% SII reduction; SII40: ≥40% SII reduction After 26 weeks Baseline
Page 15
Specialized pro-resolving mediators (SPMs) is a superfamily of lipid mediators that actively resolve inflammation • Most existing drugs for psoriasis are designed to reduce inflammation by inhibiting pro-inflammatory cytokines • Data on SPMs and lipid mediators supporting resolution of inflammation by HRO350 • Upregulating the production of SPMs which promote a shift towards a protective and possibly reparative phenotype of monocyte-derived macrophages Herring roe PLs promote SPM biosynthesis in macrophages and a keratinocyte/fibroblast coculture as a model of psoriasis Resolve - not block - inflammation: a therapeutic frontier Publication reference and figure: Ringheim-Bakka TA, Saliani A, Østbye TK, Mildenberger J, Dooley M, Busygina M, Pedersen ME, Solberg NT, Dalli J, Gammelsaeter R. Herring roe PLs promote SPM biosynthesis in macrophages and a keratinocyte/fibroblast coculture as a model of psoriasis. J Lipid Res. 2026 Mar 10;67(4):101016. doi: 10.1016/j.jlr.2026.101016. Epub ahead of print. PMID: 41812728. Fullerton, J., Gilroy, D. Resolution of inflammation: a new therapeutic frontier. Nat Rev Drug Discov 15, 551–567 (2016). Park J, Langmead CJ, Riddy DM. New Advances in Targeting the Resolution of Inflammation: Implications for Specialized Pro -Resolving Mediator GPCR Drug Dis covery ACS Pharmacol. Transl. Sci. 2020, 3, 1, 88–106. Serhan CN, Chiang N, Dalli J. The resolution code of acute inflammation: Novel pro -resolving lipid mediators in resolution. Semi nars in Immunology. 2015 May;27(3):200-215. DOI: 10.1016/j.smim.2015.03.004. PMID: 25857211; PMCID: PMC4515371. Sorokin AV, Norris PC, English JT, Dey AK, Chaturvedi A, Baumer Y, et al. Identification of proresolving and inflammatory lipid mediators in human psoriasis. Journal of Clinical Lipidology. 2018 July 1;12(4):1047–60. Figure showing the treatment conditions and measured outcomes. SPMs were identified and quantified using LC-MS/MS.
Page 16
Aim: whether signalling pathways in skin and immune cells relevant to the pathophysiology of psoriasis are affected by herring roe oil • Reduction of secretion of IL-23 and IL-17 from macrophages and T-cells, respectively • Relevance in immunomodulating pathways known to be of importance in psoriatic pathophysiology • In line with the potential clinical use of herring roe oil in the treatment of psoriasis. Herring roe oil exerts immunomodulatory effects on the IL-17/23 signalling axis in immune and skin cells as models for psoriasis Immunomodulatory effects on cytokine pathways Publication reference and figure: Mildenberger J, Solberg NT, Østbye T-KK, Høst V, Petruccelli F, Gammelsaeter R, Rønning SB and Pedersen ME (2026) Herring roe oil exerts immunomodulatory effects on the IL-17/23 signalling axis in immune and skin cells as models for psoriasis. Front. Med. 13:1684328. doi: 10.3389/fmed.2026.1684328 Figure: Effects of herring roe oil (HRO) on macrophages. Human primary monocyte-derived macrophages (MDMs) were pretreated with HRO at indicated concentrations (5–500 μg/mL) for 16 h, followed by stimulation with LPS (1 μg/mL) and IFN-γ (50 ng/mL) for 24 h and analysis of secreted IL-23. *P ≤ 0.05; **P ≤ 0.01; ***P ≤ 0.001.
Page 17
Preclinical studies Clinical trials MAA Cellular data aligning with clinical results Preclinical and clinical data as part of potential future medical approval Cellular data align with resolution of inflammation + Clinical reduction of systemic inflammation + Clinical improvement in symptoms After 26 weeks Baseline Figures based on (left to right): Ringheim-Bakka TA, Saliani A, Østbye TK, Mildenberger J, Dooley M, Busygina M, Pedersen ME, Solberg NT, Dalli J, Gammelsaeter R. Herring roe PLs promote SPM biosynthesis in macrophages and a keratinocyte/fibroblast coculture as a model of psoriasis. J Lipid Res. 2026 Mar 10;67(4):101016. doi: 10.1016/j.jlr.2026.101016. Ringheim-Bakka TA, Gammelsaeter R and Tveit KS (2026) Resolution of systemic inflammation in psoriasis following herring roe oil treatment: a post hoc analys is on inflammatory biomarkers in non- severe psoriatic patients. Front. Med. 13:1861341. doi: 10.3389/fmed.2026.1861341 Tveit KS, Brokstad KA, Berge RK, Sæbø PC, Hallaråker H, Brekke S, Meland N, Bjørndal B. A Randomized, Double -blind, Placebo-controlled Clinical St udy to Investigate the efficacy of Herring Roe Oil for treatment of Psoriasis. Acta Derm Venereol. 2020 May 28;100(10):adv00154. doi: 10.2340/00015555-3507. PMID: 32378724; PMCID: PMC9137364. • Marketing Authorisation for a medicine is given based on pre-clinical data and safety and efficacy from several clinical trials (phase 3) • HRO350 has completed phase 2b and further clinical trial under planning
Page 18
Next steps HRO350 psoriasis: Phase 3 design with experts • External experts will assist with phase 3 protocol design • CRO and potential partners to contribute to final protocol Key elements to integrate based on learnings from phase 2b • Choice of primary endpoint • Take SII baseline into account
Page 19
Extremely premature infants (ABS302) • Smerud Medical Research International • Setting up consortium with partners and advisors for pre-clinical studies (efficacy and toxicology) • Considering public grants with European consortium Next steps • Produce material and conduct preclinical studies • Seeking soft funding for pre-clinical and toxicology ABS302 Brain development in extremely premature infants
Page 20
20 H1-2026 consolidated group financial review
Page 21
Key financial figures SALES REVENUES 17,2 22,6 23,3 H1-2025 H2-2025 H1-2026 H1-2025 H2-2025 H1-2026 33,4% 22,3% 29,8% 5,5 5,2 1,2 30.06.2025 31.12.2025 30.06.2026 GROSS MARGIN AVAILABLE LIQUIDITY
Page 22
Significant sales revenue growth • Growth in sales revenue of 35,2 % compared to H1-2025 • Strong order intake end of 2025 has materialized in first half of the year • Some delays in deliveries from sub-suppliers have resulted in postponements of planned deliveries from H1-2026 into H2-2026 • Solid growth expectations for the remainder of the year Positive contribution from Arctic Algae to other income • Higher activity level in Arctic Algae from sale of services and project funding has increased other income Stable gross margin development • Increase in gross margin of 2,3 percentage points compared to the full year 2025 gross margin Operating cost level according to budget • Cost reduction initiatives the past years have brought the cost level significant down • Continuous cost awareness, with focus on seeking new areas for cost optimalization Income statement TNOK H1-2026 H1-2025 Total revenue 25 038 18 696 Sales revenue 23 300 17 230 Other income 1 738 1 466 Cost of goods sold 16 352 11 479 Gross profit 6 948 5 751 Gross margin % 29,8 % 33,4 % Employee benefits expenses 11 881 10 706 Depreciation and amortisation expenses 2 228 2 573 Other expenses 8 939 10 115 Operating profit (loss) -14 362 -16 178 Finance income 652 1 174 Finance expenses 4 307 3 941 Net financial items -3 655 -2 767 Net profit (loss) for the period -18 017 -18 945 EBITDA -12 135 -13 605 Adj. EBITDA -12 135 -13 605
Page 23
Breakdown of Nutra revenue REVENUE BY BUSINESS LINE REVENUE BY REGION 14 % 10 % 86 % 90 % - 5 000 10 000 15 000 20 000 25 000 H1-2025 H1-2026 B2C B2B 20 % 13 % 28 % 29 % 30 % 42 %22 % 16 % - 5 000 10 000 15 000 20 000 25 000 H1-2025 H1-2026 Norway Europe Americas APAC
Page 24
Available liquidity end of period of NOK 1,2 million Cash flow from operations NOK -17,3 million, mainly driven by negative operating result Cash flow from investments NOK -1,3 million, significantly lower than earlier periods as the phase IIb HRO350 study mainly is finalized Cash flow from financing activities NOK 17,5 million, driven by new long-term funding om NOK 15 million and change in credit facility Cash flow development TNOK H1-2026 H1-2025 Profit/loss before tax -18 017 -18 945 Profit/loss from sale of tangible assets 0 -5 Ordinary depreciation 2 228 2 573 Change in inventory -5 859 -3 577 Change in accounts receivable -811 4 048 Change in accounts payable 1 188 -3 437 Change in other accrual items 3 930 -2 115 Net cash flow from operating activities -17 342 -21 458 Payments to buy tangible and intangible assets -1 286 -15 892 Payments from sale of tangible and intangible assets 0 50 Net cash flow from investment activities -1 286 -15 842 Repayment on long-term debt -335 -307 Net change in credit facility 2 809 6 720 Payment from new long term debt 15 000 30 100 Net cash flow from financing activities 17 475 36 513 Net change in cash -1 152 -787 Cash at the start of the period (1.1) 1 287 3 277 Cash at the end of the period (30.6) 134 2 490 Unused credit facility 1 066 3 043 Available liquidity at the end of the period (30.6) 1 201 5 533
Page 25
Total assets NOK 288,5 million • Fixed assets of NOK 234,4 million mainly comprised of intangible assets related to pharma development • Current assets of NOK 54,1 million mainly comprised of NOK 35,5 in inventory, NOK 11,0 million in accounts receivable and NOK 7,5 million in other current assets Total equity NOK 155,5 million, corresponding to an equity ratio of 54% Increase in long-term liabilities in H1-2026 relates to new long-term loan supported by various shareholders Financial position TNOK 30.06.2026 31.12.2025 ASSETS Non-current assets: Intangible assets 212 523 212 529 Property, plant and equipment 21 877 22 813 Total non-current assets 234 400 235 342 Current assets: Inventories 35 482 29 623 Accounts receivable 11 016 10 206 Other current assets 7 478 8 198 Cash 134 1 287 Total current assets 54 110 49 313 TOTAL ASSETS 288 510 284 655 EQUITY & LIABILITIES Equity: Share capital 2 696 2 696 Share premium reserve 152 776 170 793 Total equity 155 471 173 489 Non-current liabilities: Convertible loan 12 914 12 351 Liabilities to financial institutions 30 000 15 000 Other non-current liablilities 510 844 Total non-current liabilities: 43 424 28 196 Current liabilities Liabilities to financial institutions 36 934 34 125 Trade payables 27 216 26 028 Public duty payables 726 1 881 Other current liabilities 24 738 20 936 Total current liabilities 89 614 82 970 TOTAL EQUITY & LIABILITIES 288 510 284 655
Page 26
26 Business outlook
Page 27
Growth outlook is positive — execution and funding remain important 01 COMMERCIAL SCALE GROW Robust order pipeline and recurring customers support positive Nutra growth US momentum is expected to continue; APAC is the priority expansion region China purchase orders indicate 2026 growth versus 2025 02 SUPPLY POSITION DIFFERENTIATE Strategic positioning and product differentiation are becoming increasingly important Supply security and diversified sourcing are increasingly valuable Proprietary marine lipids reinforce product differentiation 03 PHARMA & CAPITAL DE-RISK Additional HeROPA publications should expand visibility and partner engagement Draft Phase III design and EMA scientific advice are the next development steps Further Pharma development is expected to be financed separately NEAR-TERM PRIORITIES DELIVER H2 ORDERS Protect customer service after the Q3 catch-up PROTECT MARGIN & SUPPLY Price cost inflation and secure critical inputs SECURE FUNDING PATHS Maintain liquidity discipline and advance partnerships
Page 28
28 Q&A
Page 29
Contact CEO - Christer L. Valderhaug: christer@arctic-bioscience.com CFO - Jone R. Slinning jone@arctic-bioscience.com Medical Director - Runhild Gammelsæter: runhild@arctic-bioscience.com Subscribe to news www.arctic-bioscience.com/investors/home